Metro Economic Outlook: Phoenix

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1 Metro Economic Outlook: Phoenix Health care and high tech are driving economic growth in greater Phoenix at the moment, and the region s business leaders are also turning their attention to the next generation of talent. After recognizing that the area s fiscal health was too dependent on real estate growth a nod to the boom and bust that occurred in the local housing market during the 2000s efforts are active to diversify the region s economic portfolio Unemployment rate Phoenix Forward, a strategy backed by the Greater Phoenix Chamber of Commerce, is eyeing four major sectors for future job growth: transportation and logistics; health care; biosciences; and, advanced business services. PHOENIX METRO: : VITAL STATS Total working age population: 2,613,143 out of a total population of 4,489,109 Number of households: 1,590,240 Consumer price index: (goods and services that cost $100 in 2001 cost $ in 2 nd half of 2015) Percentage of local residents with bachelor s degrees: 18.5 With graduate or professional degrees: 10.5 Student concentration: 59.6 college students per 1,000 residents Sources: Census Bureau (2014), Bureau of Labor Statistics (2 nd half of 2015), American Institute for Economic Research (2012) 0 Source: Bureau of Labor Statistics (April 2016) We re looking at a holistic way to connect industry and education, in order to get students excited about the careers that are out there, said Jennifer Mellor, vice president of economic development for the Greater Phoenix Chamber of Commerce. As part of Phoenix Forward, we are also working with businesses for retention and expansion, and at least half of those companies have told us they re having trouble finding a qualified workforce. The gaps run the gamut, from entry level to high-skilled. Unrelated to that strategy, there have been some recent wins for the local economy. As 2015 came to a close, insurer State Farm was putting the finishing touches on a new, $700 million regional division in Tempe that will create 1,000 new jobs. General Motors opened an information technology center in Chandler in the summer of 2014 with 500 new jobs; it expects to create another 500 jobs there by Accolade, a health care consumer services Unemployment and most CPI data updated monthly. Other data updated once annually as it becomes available.

2 company, created a division in Scottsdale in 2014 and plans to hire 300 people by Most notably, tech giant Apple announced in early 2015 that it would revive a dormant facility it owns in Mesa. Construction Mining and logging Manufacturing Trade, transportation and utilities Information Financial activities Professional and business services Education and health services Leisure and hospitality Other services Government Total nonfarm Apple closed the Mesa operation in 2014, which resulted in the loss of 700 local jobs, but the company has agreed to invest $2 billion in the facility and create a command center for its global networks. Apple will create 150 jobs at the facility, which will be powered with 100 percent renewable energy Source: Bureau of Labor Statistics (January 2016) The Phoenix metro area covers two counties in south central Arizona. The region s economy is a haven for 262,837, 1 572,601, 22% 236,903, 9% Source: Census Bureau (2014) Working age categories 598,492, 23% 308,921, 12% 633,389, 24% Labor force makeup ,000 1,500 2,000 2,500 Number in thousands small business of the 126,000 businesses in the metro region, 96 percent have 50 or fewer employees. One of the region s most recognized small business successes is WebPT, a software company that provides customer management systems for physical therapists. The company was launched in 2008, but in recent years has grown to employ more than 200 people at its Phoenix headquarters. From , WebPT was a member of the Inc. 5000, a list of the nation s fastest-growing businesses published by Inc. magazine. 20 to to to to to to 64 They have really changed the physical therapy industry, Mellor said. Some of the local Fortune 500 companies include pet products retailer PetSmart, waste management and recycling company Republic Services, and Avnet, a distributor of electronic components and computer products. 2

3 Employee Benefits Data 3 1 Employers offering consumer-driven health plans 24% 14% Employers in the Phoenix metro area are less likely to offer consumer-driven health plans compared with the national level, by a margin of 10 percent. Employers offering domestic partner benefits % They are much more likely to offer domestic partner benefits, by a 29 percent margin above the national level. Source: SHRM Health Care Benchmarking Database (2015) Retirement Employee 401(k) participation rate % 52% The rate of 401(k) participation in the Phoenix metro area s workforce is somewhat lower than the national level, by a margin of 10 percent. 1 Source: SHRM Retirement & Welfare Benefits Database (2013) 3

4 Income and Turnover Data Overall turnover rate 25% 15% 1 18% 23% The turnover rate in the Phoenix metro area s workforce is higher than the national level, by a margin of 5 percent. 5% Source: SHRM Human Capital Benchmarking Database (2015) Median household income $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $53,657 $53,365 Median household income in the Phoenix metro area is nearly on par with the national level. $0 Source: Census Bureau (2014) Per capita income $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $28,889 $27,069 Per capita income in the Phoenix metro region is slightly lower than the national level, by nearly $2,000 annually. $5,000 $0 Source: Census Bureau (2014) 4

5 Top Management Salaries Data Median salaries, top management *Top legal executive *Chief information officer **Top HR executive $244,800 $310,100 $222,500 $270,000 $175,000 $223,000 Median salaries for top management level employees in the Phoenix metro area are typically lower than national levels. *Chief financial officer $243,900 $350,400 *Chief executive officer $362,100 $623,200 $0 $200,000 $400,000 $600,000 $800,000 *Lower Mountain states subregion median data **Lower Mountain states subregion median data, without labor relations experience Source: Towers Watson Data Services 2015 Survey Report on Top Management Compensation Project lead: Joseph Coombs, Senior Analyst, Workforce Trends, SHRM Project contributors: Alexander Alonso, Ph.D., SHRM-SCP, VP of Research; Jennifer Schramm, M. Phil., SHRM-SCP, Manager, Workforce Trends External contributors: Jennifer Mellor, Greater Phoenix Chamber of Commerce Copy editing: Katya Scanlan, copy editor This report is published by the Society for Human Resource Management (SHRM). All content is for informational purposes only and is not to be construed as a guaranteed outcome. SHRM cannot accept responsibility for any errors or omissions or any liability resulting from the use or misuse of any such information Society for Human Resource Management. All rights reserved. Printed in the United States of America. These materials and the data contained within them are copyrighted by SHRM, another copyright holder (where noted), or are government-owned. SHRM hereby grants permission for users to copy and use these materials and the data contained within them only if proper attribution is given to SHRM (or the noted copyright holder) as the source of the material. For more information, please contact: SHRM Research Department SHRM Human Capital Database 1800 Duke Street, Alexandria, VA 22314, USA Phone: (703) Fax: (703) SHRM Compensation Data Center SHRMResearch@shrm.org Web: 5

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